A lead analyst at AMR highlighted that the HR analytics market across Asia-Pacific is anticipated to achieve the highest CAGR during the forecast period.
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Allied Market Research published a research report on the HR analytics market. The findings of the report state that the global market for HR analytics generated $2.4 billion in 2021, and is projected to reach $11 billion by 2031, witnessing a CAGR of 16.6% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restraints, and opportunities to help the market players in devising several growth strategies. The need to make HR activities more efficient by using collected data to predict key attributes, such as performance, retention, and recruitment drives the growth of the HR analytics market. However, data security and concerns regarding privacy restrain the market growth. On the other hand, the surge in the adoption of cloud-based technologies provides prolific growth opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the HR analytics market globally. The outbreak of the COVID-19 pandemic led to an increase in the adoption of HR analytics solutions due to lockdowns imposed by governments of various nations. The pandemic caused various firms to focus on emerging technologies such as AI-powered solutions, automation, cloud-based technologies, and app-based HR analytics solution across industries such as BFSI, healthcare, IT and telecom, and others to carry out contactless operations. Moreover, as industries make a shift toward digitalization, the HR analytics solution is a great option because it offers agile efficiency by eliminating manual tasks that slow down the HR process, and provides real-time reporting features.
“The cloud segment is expected to witness the highest growth in the upcoming years, owing to lower deployment costs, predictable running expenses, increase in flexibility & scalability, and risk reduction for system downtime,” said Pramod Borasi, Team Lead, ICT and Media at Allied Market Research.
The report offers a detailed segmentation of the global HR analytics market based on offering, deployment model, enterprise size, application, industry vertical, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
Based on the offering, the solution segment was the largest market in 2021, grabbing more than two-thirds of the global HR analytics market share and would dominate through 2031. However, the services segment is anticipated to grow at the fastest CAGR of 18.0% during the forecast period.
By application, the workforce management segment held the largest share in 2021, contributing to more than two-fifths of the global HR analytics market share, and would maintain noteworthy growth through 2031. However, the employee segment is expected to exhibit the fastest CAGR of 21.1% during the forecast period.
Based on industry vertical, the BFSI segment was the largest market in 2021, grabbing over one-fourth of the global market, and is likely to lead the trail during the forecast period. However, the retail and e-commerce segment is expected to achieve the fastest CAGR of 19.8% during the forecast period.
Based on region, the HR analytics market across North America held the largest share in 2021, garnering more than two-fifths of the global market, and would maintain its dominance during the forecast period. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR of 18.9% during the forecast period.
The leading market players analyzed in the global HR analytics market report include IBM Corporation, TalentSoft SA, Visier Inc., Workday, Inc., Crunchr, Gaininsights Solutions, Infor, Inc., Kronos Incorporated, Microstrategy Incorporated, Oracle Corporation, Zoho Corporation, Zoos, Legartise, Sage Group plc, SAP SE, Sisense, Inc., and Tableau Software Inc.
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